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- เผยแพร่เมื่อ 18 ก.ย. 2016
- Full Blog Post: retipster.com/how-to-close-ca...
USlegal Deed Library: retipster.com/go/deeds/yt-l1j...
Rocket Lawyer Warranty Deed: retipster.com/go/rl-warrantyd...
Rocket Lawyer Quit Claim Deed: retipster.com/go/rl-quitclaim...
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A deed is probably the most fundamental document in a real estate transaction. It's essentially the final step that solidifies any real estate transaction, transferring a property from one person or entity to another. When all is said and done - the ultimate definition of who owns property all comes down to what's written in the DEED.
This single document is the item that almost everything else in a real estate transaction revolves around. It's the final document that sets each transaction in stone. This is the document that:
- Entitles an owner to their property.
- Conveys property rights from one person to another.
- Defines and upholds one's ownership in a piece of real estate by its local governing body.
When a real estate transaction is closed, this document will be signed and notarized by the seller and then recorded at the county's "Register of Deeds" (aka - "County Recorder") office. When this document is recorded at the county, the transaction is considered complete, and the property will be officially titled in the new owner's name.
A few different types of deeds can be used to transfer a piece of real estate. The two most common deeds that you're likely to see are the Warranty Deed and the Quit Claim Deed - and these two documents have some very important differences you need to know about.
With a Warranty Deed, the seller is giving the buyer their "Warranty" (i.e. -- Guarantee) that the title to the property is free and clear (with any specific title issues noted), and the buyer will receive all reasonable rights to the property. This deed should only be used when the buyer knows that the title to the property is clear of any liens and encumbrances. Most educated buyers won't accept anything less than this (and if a lender gets involved - it will be required).
Most sellers are okay with signing a Warranty Deed because:
This was what they received when they bought the property.
They paid for a title insurance policy when they bought the property, which protects them from any issues (should they arise).
If you're unsure whether the title is clear, don't use this deed when selling a property.
With a Quit Claim Deed, the seller is offering no warranty of any kind regarding the title on the property. By signing this document, the seller simply says, "Whatever interest I may have in this property (even if it's nothing), I am transferring it to the buyer."
A Quit Claim Deed provides no guarantees or promises about whether the title is clear - so if a buyer is willing to accept this, they should be doing their homework to ensure that they know what they're getting.
Note: In my experience, most buyers have no idea what the difference is between these two types of deeds and what implications come with each -- but as an educated investor, this is a distinction that you definitely need to be aware of. #rocketlawyer #realestate #retipster #sellerfinancing #ownerfinancing #realestateinvesting
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Thanks for the valuable info. God bless u
good job! Thank you
Thanks!
What is the proper wording for a QCD for a living trust. To transfer Deed from personal to our Living Trust?
Some questions I have: 1) If a divorced couple who both have their names on the title do a quitclaim to remove the wife from the title, then is the grantor both the husband and wife, and who is the grantee. 2) Does the leaving spouse use the words 'quitclaim all my interests" or "quitclaim 100% of my interests"? 3) If the leaving spouse is not expecting to get paid, then does there have to be some monetary consideration in order to make the deed executable?
Thanks for the information. I tried contacting the owner of a distress abandoned house, no reply, then went to the county assessor they told me their weren't any debt on the house. It's been abandoned for some years. They house has holes in ceilings ,roof and walls. I'm want get it and fix it. Pay taxes on it. Now with the quitclaim deed do I put the grantor information on it although there haven't been any response from him. I went through all the proper procedures.
Thanks. Your worth your experience in Gold.
However thanks greatly for this information..
What about abandon appartments???
Apartment Buildings that haven't been open in years??
Can do this with a time share
Why is a quit claim deed legal when transferring real property?
Thank you for share the information. After a Quit Claim Deed filled out and prepared, what is the next step to make it legal ?
You'd just have to get it recorded at the county, and then it'll be of public record.
@@Retipster does the grand deed also updated with the same information as Quit claim deed? Does deed of trust get updated as well to new owner?
Hello question. What kind of deed is it when a parent passes, and family member what's to put deed in there name
Warranty deed I think
In Florida, Possible for seller to do a quick claim deed to buyers out of state remotely without a title company or a lawyer? How would the Florida notary witness the signatures? If not , I'm trying to sell a Florida vacant land for $2k and don't want to pay too much in fees. Any way to do this on the cheap?
I'm not an attorney, but I don't see why not. If you can find a valid quit claim deed template that works in Florida, fill it out correctly, sign it and get it notarized (and recorded), that's typically what the process looks like. I know both Rocket Lawyer (retipster.com/quitclaimdeed) and US Legal (retipster.com/uslegal) are two places where I've gotten these kinds of templates before.
Can you use rocket lawyer for state of Oregon?
I don't see why not... but there can always be oddball issues that come up in any state (the textbook "right answer" to your question is to have any documents reviewed by an attorney to verify that they're legit).
What if the date is left blank? does the notary need to place the date the signing is taking place? Excellent Video!
I believe so. I've never seen a deed without a date on it.
@@Retipster Again Thank you for the video!
Couldn't you just prepare them yourself?
what it it's an abondanded house or property, and there is no seller, how the you write a quit claim deed, what about the warranty deed is't still needed since we don't have a seller?
It sounds like you'd want to pursue a quiet title action: th-cam.com/video/jJKydfTG3hk/w-d-xo.html
Hi, Seth.
This is a very valuable content, and I appreciate and congrat you.
I have a few doubts, I hope you don't mind:
1. In the states which an attorney is required, how do you obtain this info?
Right on the title company of before?
And if only at the title company they just instruct you on how to proceed or they see this as an illegal act?
2. You mention that a title search costs around 100usd, would you mind in sharing who does that service to you and what would be covered into this?
3. The same would apply to the title insurance which you mention that costs around 500usd, would you mind in sharing the contact and mentioning the services covered? (I.e. Eventual corrections to the chain of title, etc);
-4. Have you done the above mentioned points to a tax deed purchase / sale?
Hello he explains everything but you must do the work, title company can and through " due diligence" their commission warrants that due diligence is garauterd
Good question ⁉️
do you need to file both warranty deed and quit claim deed in Sacramento county?
It's typically one or the other.
@@Retipster once file the quit claim deed, this will update the grant deed and deed of trust?
You a volair lol 😂
Warranty deed is not ownership of property... 💩 poop